The world at present is packed with countless promising technologies. The blockchain technology is among one which is settling an exciting and moving platform. It has branded as disrupting and pioneering by some thrilled users. It has profusely connected with cryptocurrencies through the fundamental technologies involved in the distributed ledger. Since it has got consideration from many industries so far, some of them are still issuing unwanted centralization and slow transaction times for verification with lower throughputs may not be easier to solve and this needs to be balanced with security and speed.
iOlite is the nonprofit blockchain platform for reducing the language gaps between humans and machines. In support of combining the solutions under iOlite, will put together all the ideas that may complicate the landscape analysis of SWOT that consists of Strengths, Weaknesses, Opportunities, and Threats to the blockchain. Therefore, knowing the weaknesses and threats may be helpful enough for taking some necessary steps at once.
Weaknesses
The implementation of blockchain platform is not like the installing other businesses. Blockchain networks have to fit with all the adaptable changes where the business rules may change over time. In platforms like iOlite, the blockchains are not modular most of the time and might need to replace and encrypt the outdated modules.
This will help to export the data for the blockchain as it does not export data to the blockchain by providing any out-of-the-box exit strategy. It has some serious impact on the blockchains and iOlite has to keep in mind that the algorithms are most likely resource-intensive to proof-of-work category where energies should not be wasted for the algorithms.
Threats
The iOlite platform may face some issues regarding security as a threat and needs to take care of these sources while programming the blockchain network:
Scalability: iOlite blockchains should have limitations on the number of transactions to be handled. The problem arises from the exposure of mass adoption of Crypto Kitties on the Ethereum blockchain.
Unwanted Decentralization: A larger number of mining pools and mining firms are unwillingly for powering the centralized blockchain network. These pools will be centralized as the trash to the blockchain environment with the conflict of visions on appearing the miners and the users of the platform.
Quantum Computers: It is possible for iOlite to become powerful enough by implementing quantum computers so that they can decipher data as these are the real threat to the blockchain network.
Hype: The blockchain networks might be at the hyped phase and some blockchain products of iOlite will be needed to be solved by the real world problems for using it actively.
Fast-Changing environment: The blockchain networks are highly known for the faster-changing environment and to deal with that iOlite needs to be faster-paced in this existing business model to rely mostly on its stability.
Mass Adoption: It can be the greatest obstacle to overcome sooner and to do that, iOlite needs proper education by the requirement of giving the users a good understanding of the space and usage. iOlite will play important roles in mass adoption to offer “Bridge Product”.
iOlite is the blockchain engine with the capability to translate the codes for naturalizing the language of smart contracts with the help of bridging a huge number of blockchain gap. Most of them are potential in conflicting with approaches of regulatory compliance for GDRP regulations. Though it has spotted some weaknesses in mass adoption, easy creation and a shortage of developers, still it is enabling the creation of smart contracts properly.
Website : https://iolite.io/
Twitter page : https://twitter.com/iOliteLabs
Whitepaper : https://iolite.io/documentation
Telegram : https://t.me/iolite